Would like to try and expand our services but not sure what else is needed, because I know one of the main questions I hear other people asking is "are they licensed and insured/bonded"  - The state we are in is South Carolina. 

It’s a bond!

(f) Unpaid assessments under the Improvement Bond Act of 1915 (Division 10 (commencing with Section 8500) of the Streets and Highways Code) that are not satisfied as a result of the sale proceeds being applied pursuant to Chapter 1.3 (commencing with Section 4671) of Part 8, or that are being collected through a foreclosure action pursuant to Part 14 (commencing with Section 8830) of Division 10 of the Streets and Highways Code.

So, first you must correct the conversation that your looking at owning a BUSINESS vs stocks, bonds, CD's. 

Count on mortgage and bond markets to remain volatile, yet range-bound, circling the 6.7-7.5% range.

Take that money and buy RE in other growing markets, stocks, bonds, index funds, high yield savings, or probably a combination of it all. 

Sounds like you'd be shifting assets around from stocks, bonds, savings to real estate.

make sure you have cash reserves. as soon as you sign, you could give them a 60 day notice of rent increases. documentation of the owners lease agreements with each tenant & rental payment history. you could sign a 6 month lease with everyone to see how things go. licensed & bonded contractors, someone who can take accountability- you can send an email too if something goes wrong (the boss).

Right now he spends his weekends helping us renovate (our family has always bonded by working together).

We will likely split that between index funds, money market/savings, and short term bonds while being opportunistic in acquiring value add properties.